Financial Policy

1. Introduction
1.1 The Designated Finance Person at Inclusive Bytes is Gordon Pearce, who is one of our Directors. You can contact him by email on [email protected] (see also section 8, Contact Details).

1.2 Inclusive Bytes will keep financial records in order to:

meet its legal and other obligations
enable the Board of Directors to have control of the organisation’s finances
enable the organisation to meet contractual obligations and the requirements of funding bodies
1.3 Inclusive Bytes will keep proper records of accounts, including:

income and expenditure
annual accounts, for example Profit and Loss Summary
a petty cash book (if cash purchases are being made)
1.4 The financial year for Inclusive Bytes will run from December to November. The Board of Directors will keep track of income and expenditure on a quarterly basis. Accounts will be drawn up after each financial year and presented at the next Board meeting following completion.

1.5 The Board of Directors will consider the level of reserves that is prudent for Inclusive Bytes to have at its first meeting after the end of the financial year. Consideration will be given to liabilities, lease agreements and any other significant factors that should be taken into account if Inclusive Bytes were to close.

1.6 Inclusive Bytes will adhere to good practice in relation to its finances at all times, e.g. maintaining proper records of assets and other items of significant value.

1.7 The Board of Directors will appoint an appropriately qualified person to independently examine the accounts annually. Our chosen partner is currently Rachel Freeman at Freeman Accountancy.

2. Banking
2.1 Inclusive Bytes currently banks with Starling Bank, where the accounts are held in the name of Inclusive Bytes CIC.

2.2 Any bank transactions made on behalf of Inclusive Bytes must be approved by the Board of Directors.

2.3 Inclusive Bytes will reconcile the bank statements every quarter.

2.4 Inclusive Bytes will not use any other bank or financial institution or use any overdraft facilities unless authorised by the Board of Directors.

3. Income
3.1 All income received will be recorded and Inclusive Bytes will keep documentation (i.e. letters from funding bodies) to back this up.

3.2 All fund raising and grant applications undertaken on behalf of Inclusive Bytes will be done in the name of the organisation with prior approval of the Board of Directors.

3.3 Inclusive Bytes will keep documentation to show that it has received all the income to which it is entitled and that it is all reasonably evidenced.

4. Expenditure
4.1 Money will only be spent to meet conditions and requirements of the funding bodies and in pursuance of the objectives of the constitution.

4.2 The Board of Directors are responsible for authorising all payments and for holding debit cards. Any debit cards will be assigned to a specific Director, who will be responsible for its safekeeping and proper use. Debit cards will not be shared with anyone else.

4.3 We will only use debit cards for expenses that are related to Inclusive Bytes activities, and that are within the approved budget and spending limits. We will not use debit cards for personal use or any payments that are not supported by a receipt or an invoice. We will keep a record of all debit card transactions and reconcile them with the bank statements every quarter.

4.4 We will only use debit cards that are linked to the Inclusive Bytes bank account, and that are issued by our bank. We will report any lost, stolen, or damaged debit cards to the bank immediately and cancel the card as soon as possible.

4.5 Inclusive Bytes will reimburse expenditure paid for personally by staff or volunteers, providing:

fares are evidenced by tickets (where possible)
other expenditure is evidenced by original receipts
car mileage is based on agreed scales
5. Payment Documentation
5.1 Every payment out of the organisation’s bank accounts will be supported by an original invoice or receipt. That original will be filed and kept for seven years.

5.2 The only exceptions to payments not being supported by an original invoice would be for such items as advanced booking fees for a future course, VAT, etc.

5.3 For wages and salaries there will be a clear trail to show what the payment was for, i.e. wages, HMRC, etc. All employees will be paid within the PAYE and National Insurance rules.

6. Petty Cash
6.1 Inclusive Bytes will keep a petty cash float of no more than £100 in a locked box in a secure place.

6.2 Only the Directors (or a person specifically designated by them) will have access to the petty cash box and the key.

6.3 All petty cash payments will be recorded and supported by a receipt or invoice.

6.4 Petty cash records will be reconciled with the cash and receipts in the box at least once a quarter, and any discrepancies reported to the Board of Directors.

7. Fraud Prevention
7.1 We will only use secure and reputable online platforms or services to make or receive payments (such as PayPal, Stripe, or GoCardless) that provide adequate protection and insurance for our transactions.

7.2 We will only use online platforms or services that are authorised and regulated by the Financial Conduct Authority (FCA) or another relevant body, and that comply with the Payment Services Regulations 2017 or other applicable laws.

7.3 We will only use online platforms or services that allow us to access and download our transaction history and records, and that provide us with regular statements and reports.

7.4 We will keep our online account details and passwords secure and confidential, and change them regularly. We will not share them with anyone else, or use them for any other purpose.

7.5 We will check our online account activity and balance regularly, and report any suspicious or unauthorised transactions to the platform or service provider and our bank immediately.

7.6 We will use antivirus software, firewalls, and encryption to protect our devices and data from cyberattacks, and update them regularly.

7.7 We will be alert and cautious when opening emails, clicking links, or downloading attachments from unknown or suspicious sources, and avoid any phishing or scam attempts.

7.8 We will regularly review the online transactions and fraud prevention rules and the online platforms or services that we use, and make any changes as necessary.

8. Contact Details
The Designated Finance Person for Inclusive Bytes is Gordon Pearce.